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Tencent Interactive Entertainment Conference:
“Broad Entertainment” strategy to better
leverage its diverse content
■ Tencent hosted its annual Interactive Entertainment Conference
'Up2015' on 30 March 2015. Tencent highlighted "Broad Entertainment"
strategy of cross-leveraging its four key internet entertainment units: Games,
Comics, Movie and Literature. IPs in any of the four units can be used to
develop entertainment content in the other units. The strategy helps Tencent
better utilise its star IPs, improve user stickiness and cut marketing cost.
■ 60 mobile games in 2015. Up from 36 in 2014. Nearly two-thirds of the 60
mobile games are licensed. Among the 11 key mobile games highlighted at
the conference, we find it interesting that Tencent is to license Shanda's
famous title MIR 2 Mobile; Dungeon & Fighter Mobile to be launched this
year. In 2015, Tencent continues to push into: (1) blockbuster titles and (2)
expand into new genres, such as games targeting female users and MOBA
to pursue future growth. We currently forecast Tencent's gross mobile game
revenue to grow by 61% and reach Rmb20.2 bn in 2015E. Tencent also will
collaborate with handset makers' app stores: Samsung, HTC, and Huawei.
■ PC Games: NC Soft's MOBA game Master X Master, a star title for NC
Soft in 2015 is licensed by Tencent. Tencent also announced to commercial
launch Tian Ya Ming Yue Dao and SMITE in 2Q15. On the web game front,
Tencent announced seven new titles based on its in-house movie/comics IP.
■ Maintain OUTPERFORM with TP of HK$160. Our SOTP-derived TP of
HK$160 is based on 35.4x/25.0x FY15/16E P/E on the core business, and
WeChat Payment valuation of US$25.7 bn. It implies FY15/16/17E P/E of
40.8x/28.9x/23.0x on the back of FY16/17E EPS growth of 41%/26%.
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